Jay White

How to Fall Into Equity This Season

BY JAY WHITE

Fall is in the air; leaves are changing, and the cold air is coming. However, that does not mean that you cannot take advantage of the hot real estate market if you own a home.

Appreciation is up 23% in the Atlanta metropolitan area. While many people think the bubble will burst (so to speak), that simply is not true. What will happen, eventually, is that home prices will steady out and appreciation will fall in line with the traditional 4%-6%. With that being said, you have an opportunity to access the equity you have in today’s 23% appreciation market, and put it to work for you.

Here are a few examples of what homeowners are doing with their equity. • Paying off all nonsecured high interest and revolving debts. On average, clients are saving in excess of $800 a month, and, with that money, they can pay their homes off 11 years sooner. • Home improvements around the house, such as putting in a pool, adding on additions, new windows, new HVAC units, new carpet, new paint, updating the kitchen, updating the master en suite, etc. • Dropping private mortgage insurance. • Lowering the current interest rate and saving years — and money — monthly.

These are some examples, and each scenario is case by case. If you have not, now is the time to strike. The increased equity is not going anywhere; take advantage and put it to work for you and your family.

Jay White, top 1% in the nation in mortgage originators according to Mortgage Executive magazine, has 19 years of experience and is a multimillion dollar producer for Bay Equity Home Loans.